IRS Cracks Down on Retirees Who Don't Take Required Distributions From IRAs

Not withdrawing the full amount will result in a steep penalty.

Ronald Fatoullah (pictured at left) is an elder-law lawyer and coauthor of The CPA's Guide to Long-Term Care Planning. Here are excerpts from Kiplinger's recent interview with Fatoullah:

A report by the Treasury’s Inspector General estimated that more than 250,000 individuals failed to take required minimum distributions valued at $348 million in 2006 and 2007. Why do so many people fail to comply with the rule?

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Sandra Block
Senior Editor, Kiplinger's Personal Finance

Block joined Kiplinger in June 2012 from USA Today, where she was a reporter and personal finance columnist for more than 15 years. Prior to that, she worked for the Akron Beacon-Journal and Dow Jones Newswires. In 1993, she was a Knight-Bagehot fellow in economics and business journalism at the Columbia University Graduate School of Journalism. She has a BA in communications from Bethany College in Bethany, W.Va.